Wolfe Axelrod Weinberger Assoc.
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DATAWORKS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL 2010 FINANCIAL
Management to Host Conference Call Today at 11:00 am EDT -
Houston, TX – June 29, 2010 -- US
Dataworks, Inc. (OTC BB: UDWK), a leading developer of payment processing
solutions, today announced its financial results for its fourth quarter and
fiscal year ended March 31, 2010.
for the quarter ended March 31, 2010 was $2,169,189, representing a 14.3%
increase over revenue of $1,897,190 for the prior year period. Income
from operations for the quarter ended March 31, 2010 was $242,512, compared to
$73,009 for the prior year period. Net income for the quarter ended March 31,
2010 was $85,379, or $0.00 per share, compared to a net loss of $181,221, or
$(0.01) per share, for the prior year period.
for the fiscal year ended March 31, 2010 increased by 6.7% to $8,531,698, as
compared to $7,996,987 for fiscal 2009. Income from operations for
the fiscal year ended March 31, 2010 was $922,968, compared to $679,979 for
fiscal 2009. Net loss for the year ended March 31, 2010 was $19,221,
or $(0.00) per share, compared to a net loss of $2,021,453, or $(0.06) per
share, for fiscal 2009.
E. Ramey, Chairman and CEO of the Company stated, “We entered fiscal 2010 as a
year of transition and began to benefit from certain initiatives toward the end
the fiscal year, which concluded on a very positive note, and we anticipate that
fiscal 2011 will build upon that momentum. Specifically, we announced
several new relationships, including with the Bankers Banks, which we expect to
continue to expand during fiscal 2011. In addition, we introduced ClearHistory,
a revolutionary payment history solution that can consolidate long-term storage
of all payment transactions that we expect to continue to gain traction among
our current customer base and in the marketplace. We see a clear value
proposition for ClearHistory as it eliminates the need for traditional payment
silos and can improve visibility within ones payments information.”
Regarding the Company’s Restatement of Financials and Prior Release of Unaudited
more fully explained in the Company Annual Report on Form 10-K for the year
ended March 31, 2010 (the “10-K”) that it will file with the SEC later today,
the Company has restated its previously issued financial statements to correct
an error that was identified involving the calculation of option expense for
fiscal 2007, 2008 and 2009. The restated financial statements can be
found in Note 10 to the financial statements contained in the 10-K.